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CPEX Pharmaceuticals Shareholders Elect Robert Forrester to Board of Directors

^{Published on 2010-05-26 10:10:25 - Market Wire}
 

EXETER, N.H.--([ BUSINESS WIRE ])--CPEX Pharmaceuticals, Inc. (NASDAQ: CPEX) today announced that its shareholders elected Robert Forrester to the Board of Directors at the CPEX 2010 Annual Meeting of Stockholders. Mr. Forrester was elected as a Class II director with a term through the 2013 Annual Meeting. As previously announced, Miguel Fernandez, whose term as director ended today, retired from the Board.

"On behalf of CPEX, I want to reiterate my thanks to Miguel for his many contributions to the Board and we wish him well."

aWe are pleased that CPEXa™s shareholders have overwhelmingly elected Robert Forrester to his first full term on the board of directors,a said James Murphy, Chairman of the Board. aRobert has been a valuable contributor to our decision-making process over the last month, and we look forward to his continued service as a Director. The Board is continuing to explore strategic alternatives to maximize shareholder value, and we expect to make a public announcement regarding the results of the process during the third quarter of 2010.a

Murphy concluded, aOn behalf of CPEX, I want to reiterate my thanks to Miguel for his many contributions to the Board and we wish him well.a

About CPEX Pharmaceuticals, Inc.

CPEX Pharmaceuticals, Inc. is an emerging specialty pharmaceutical company focused on the development, licensing and commercialization of pharmaceutical products utilizing CPEXa™s validated drug delivery platform technology. CPEX has U.S. and international patents and other proprietary rights to technology that facilitates the absorption of drugs. CPEX has licensed applications of its proprietary CPE-215® drug delivery technology to Auxilium Pharmaceuticals, Inc. which launched Testim®, a topical testosterone gel, in 2003. CPEX maintains its headquarters in Exeter, NH. For more information about CPEX, please visit [ www.cpexpharm.com ].

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements, including, without limitation, statements regarding CPEXa™s Board of Directors and Mr. Forrestera™s role thereon and the process undertaken by the Board of Directors to explore CPEXa™s strategic alternatives. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such statements. Factors that may cause such differences include, but are not limited to, risks associated with the following: CPEXa™s and the Boarda™s response to the tender offer and other actions taken by Arcadia Capital Advisors and RichardRof©; clinical trials may not demonstrate the efficacy and safety of CPEX products or the products of its licensees; regulatory approvals may be delayed or not obtained; CPEXa™s dependence on obtaining agreements with other parties to conduct clinical trials and commercialize its product candidates that use its drug delivery technology; competition from other manufacturers of proprietary pharmaceuticals; CPEXa™s products may not achieve market acceptance or favorable reimbursement rates from health insurers; intellectual property litigation; and other uncertainties detailed under aRisk Factorsa in CPEXa™s filings with the SEC, including its Annual Report on Form 10-K filed on March29, 2010. Copies of CPEXa™s filings with the SEC may be obtained at the aInvestorsa section of CPEXa™s website at [ www.cpexpharm.com/investor.htm ]. CPEX cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this document, and CPEX undertakes no obligation to update or revise the statements, except as may be required by law.